If you’ve been thinking about ways to save on medical expenses, now may be the perfect time to open a Health Savings Account (HSA). Thanks to persistent inflation, the IRS recently announced historic bumps to contribution limits for HSAs, making planning for health savings more beneficial than ever! What is an HSA? Established in 2003 .....
STORM-RELATED SINGLE AUDIT EXTENSIONS Under the Stafford Act, the following were declared major disaster areas: Puerto Rico, Alaska, Florida, South Carolina and North Carolina. Consistent with these declarations, the Office of Management and Budget (OMB) has announced on the Federal Audit Clearinghouse site that is has granted a six-month extension for all single audits that .....
The Federal Emergency Management Agency (FEMA) deadline for submitting COVID-19-related costs for final determination is Dec. 31, 2022. As FEMA completes reviews and renders decisions on approvals, many applicants may see notices of denials of costs due to one or multiple eligibility issues. The pandemic as a nationwide disaster event has presented many issues for .....
The idea of starting your own business is inherently romantic, if not exhilarating: You get to run the show, flesh out your ideas, and live your dream. But where do you begin? Here are seven smart steps to get you started – and help improve your chances of success. Come Up With a Concept What’s .....
BDO released its annual Nonprofit Standards benchmarking survey of more than 270 nonprofit organizations. The new data reveals nonprofit leaders’ strategies for dealing with economic uncertainty, meeting the needs of the populations they serve, increasing revenue, expanding impact and approaching fundraising. Find out how they plan to support their missions and build resilience into 2023 .....
Natural language processing (NLP) is a technology that allows computers to understand and process human language. Processing of natural language is necessary when you want an intelligent device to follow your instructions. NPL is an artificial intelligence (AI) component with many real-life applications. As technology advances, business leaders have to figure out how to tap .....
In June 2022, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 101, Compensated Absences (GASBS 101 or Statement). The Statement updates the accounting and financial reporting requirements for compensated absences and associated salary-related payments to better align the recognition and measurement guidance under a unified model which results in a liability for compensated .....
There has been updated guidance on how and when tax filers must file and report Form 1099-K, Payment Card, and Third-Party Network Transactions in 2022 and 2023. According to the December IRS release, new income and transaction reporting requirements for so-called third-party settlement organizations (TPSOs) have been delayed for one year. A TPSO, according to .....
In the Fall 2022 edition of the Nonprofit Standard, Matt Cromwell outlined the implementation requirements of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. As noted in the article, the ASU is effective for annual reporting periods beginning after .....
When it comes to businesses and their inventory and accounting methods for managing it, there are a few different ways to approach the task. The three different options to value inventory/implement cost flow assumptions include Last In, First Out (LIFO); First In, First Out (FIFO); and Weighted Average Cost Accounting (WAC). This article will focus .....